R-8792
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CA:f:\atty\muni\laws\mox\reimburs.res
City Council Meeting: 7-26-94 Santa Monica, California
RESOLUTION NO. 8792 (CCS)
(CITY COUNCIL SERIES)
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SANTA MONICA DECLARING
THE CITY'S INTENTION TO REIMBURSE EXPENDITURES
FROM THE PROCEEDS OF OBLIGATIONS TO BE ISSUED
BY THE CITY AND APPROVING CERTAIN RELATED ACTIONS
WHEREAS, the City of Santa Monica (the "city") desires to
finance the acquisition and construction of a Police, Fire and
Emergency Operations Center and parking for official vehicles (the
"Project") ;
WHEREAS, the city may use a portion of the proceeds of
obligations issued or incurred to implement the financing (the
"Obligations" ) to reimburse expenditures made to pay costs of
acquiring, constructing and financing the Project prior to the
issuance or incurrence of the Obligations;
WHEREAS, United States Income Tax Regulations Section 1.103-18
provides generally that proceeds of tax-exempt obligations are not
deemed to be expended when such proceeds are used for reimbursement
of expenditures made prior to the date of issuance of such
obligations unless certain procedures are followed, among which is
a requirement that (with certain exceptions), prior to the payment
of any such expenditure, the issuer must declare an intention to
reimburse such expenditure; and
WHEREAS, it is in the public interest and for the public
benefit that the City declare its official intent to reimburse the
expenditures referenced herein;
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NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF SANTA MONICA AS FOLLOWS:
SECTION 1. The city intends to issue or incur the Obligations
for the purpose of paying the costs of acquiring, constructing and
financing the project.
SECTION 2. The city hereby declares that it reasonably
expects ( i) to pay certain costs of the Project prior to the date
of issuance or incurring of the Obligations and ( ii) to use a
portion of the proceeds of the Obligat~ons for reimbursement of
expenditures for the Project that are paid before the date of
issuance or incurring of the Obl~gatlons.
SECTION 3. The maximun prlnc~pal amount of the Obligatlons is
Thirty Three Million Dollars ($33,000,000.00) .
SECTION 4. The Clty Clerk shall cert~fy to the adoption of
this Resolution and thenceforth and thereafter the same shall be in
full force and effect.
APPROVED AS TO.FORH:
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MARSHA JONE MOUTRIE
City Attar ey
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Adopted and approved this 26th of July, 1994.
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!'Mayor
I hereby certify that the foregomg Resolution 8792 (CCS) was duly adopted at a
meeting of the City Council held on the 26th of July, 1994 by the followmg vote:
Ayes: Councilmembers' Abdo, Genser, Greenberg, Holbrook, Olsen,
Rosenstein, Vazquez
Noes: Councilmembers: None
Abstam: Councilmembers: None
Absent. Councilmembers: None
ATTEST:
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